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Newsletter - April 2005
Credit card verification for your security,
Protect yourself against ATM fraud,
National immunisation ,
Fee for unauthorised overdrafts,
Winners of vehicle finance competition
Credit card verification for your security
As a Nedbank Namibia credit card user, you will be aware that this product is issued and administered by Nedbank South Africa. In our efforts to counter the scourge of money laundering both nationally and internationally, we are obliged to ask some of our clients to verify certain details as required by recent legislation passed in South Africa.
Nedbank South Africa has now commenced calling affected credit card holders (mainly Trusts, Partnerships and a few individuals), requesting them to identify and verify themselves in terms of the South African anti-money laundering legislation (the Financial Intelligence Centre Act). This process will be done in phases and has to be completed by August 2006.
Affected clients will be given the following options:
- to fax the required documentation through to the bank at 061 223 122, or;
- to scan the documentation and e-mail it to nvc@nedcor.com or;
- to bring the required documentation in to your relationship manager who will fax/ e-mail it to the above numbers, or;
- to post the documents to Nedbank Verification Centre, Att: Anja Engelbrecht at P O Box 1, Windhoek.
All documentation will be assessed for completeness and quality and if satisfactory, will be forwarded to Nedbank Ltd South Africa.
Identification and verification will be done in phases and only clients who are contacted and so requested, need to comply. However, it is imperative that when prompted, you do comply in order to prevent your affected credit card account being restricted from transacting freely.
More information regarding the anti-money laundering campaign will be forwarded to you in due course. We would yet again like to thank all our customers for your patience and understanding.
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Protect yourself against ATM fraud
Protect yourself by being aware of the techniques used to carry out ATM crimes:
- Card swapping - occurs when your ATM card is swapped for another card without your knowledge while conducting and ATM transaction.
- Card jamming - refers to instances in which an ATM card reader is deliberately tampered with, meaning your card cannot be removed from the machine.
- Shoulder surfing - where an individual stands close by to observe PIN entry.
- Mugging - takes place when you are physically attacked while conducting a transaction at an ATM.
- Device vandalism - occurs when ATMs are deliberately put out of order with the purpose of leading potential victims to a specific ATM.
- Card skimming - is made possible by attaching devices to an ATM, which then fraudulently obtains details of your card and PIN.
Follow these tips and be a smart ATM user:
- Don't let anything or anyone distract you until you have your card in your hand.
- Cover the keypad when entering your PIN and check that you have the right card before and after the transaction.
- Always press 'Cancel' prior to inserting your ATM card. This will eject any stolen cards left in the machine that may jam your card.
- If you notice any suspicious attachments, do not tamper with these devices. Rather locate another ATM to transact at and report the incident immediately to the emergency contact number provided on the ATM or to the nearest bank branch.
- You should be the only one who knows your PIN (Personal Identification Number).
- Don't throw away your ATM receipt, rather destroy it.
- Think very carefully before adding someone as a joint owner on your bank account or sending someone else to draw money on your behalf. That person will be in possession of your PIN and may make unauthorised withdrawals from your account at a later stage.
- When withdrawing cash from an ATM machine, don't let yourself be distracted by others.
- Do not ask bystanders for advice or assistance.
- Avoid making withdrawals late at night or in the early morning hours.
- Keep the daily limit for ATM card withdrawals to a minimum.
- Upon receipt of your ATM card, sign the panel on the back of the card immediately.
- Reconcile your bank statement against your ATM receipts to check for any unauthorised withdrawals made on your bank account. It is the duty of the customer to promptly examine his/her bank statement and notify the bank of any discrepancies.
- Most importantly, trust your instincts. Never enter your PIN if you feel uncomfortable with people behind you or close to the ATM.
Where to report a lost or stolen card
- Immediately cancel your card by dialling the 24-hour help-lines - from Namibia call: (00-27-11) 7104330; (00-27-11) 7104715 or during office hours - 0811273051.
- Record the reference number supplied by the help-line assistant.
- Ensure that each linked account is "blocked" if your card has been encoded for various accounts.
- Report the matter to the Namibian Police if it is evident that the card was stolen.
(Courtesy of Forensic Auditing and Investigations)
National immunisation
Please take your child for polio and vitamin A drops on 21 - 22 June, and for polio drops ONLY on 27 - 28 July 2005. Healthy children are an investment for the future.
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Fee for unauthorised overdrafts
Our bank charges are due for the annual increase as from 1 July 2005. We always endeavour to keep our increase to a minimum, but are compelled to increase our charges due to inflationary pressures and increased costs from our suppliers.
As of 1 July 2005, the revised maximum fees (for the private individual) will be displayed in the Nedbank Namibia banking halls, and will also be available on the website at www.nedbank.com.na.
More information will be communicated via the next Informed.
However, we would like to remind clients of the unauthorised overdraft penalty fee of N$35.00 that was introduced last year. This fee was introduced last year on 1 July, but we have given our clients a bit of lee way on it, and will now start enforcing it with immediate effect.
This fee is only applicable when the authorized credit limit is exceeded without the prior approval of the bank (or when an account operates in debit without approval). The fee will be levied daily and will be charged per client generated transaction.
Winners of vehicle finance competition
On 7 April 2005 the ten winners of our 0% vehicle finance campaign were drawn. This competition ran from mid January to 31 March 2005, and the ten lucky winners drawn from the pool of clients will have the interest on their vehicle finance agreement reduced to 0% for two years.
Every client who successfully applied for vehicle finance (passenger cars) at the approved interest rate between 17 January 2005 and 31 March 2005 was automatically entered into the competition.
The winners were: H Greeff, P Meyer, S Amadhila, RM Malulu, JM Iindongo, I Le Gariseb, GS Masule, LN Shivute, BD Pienaar and JH van der Merwe.
Congratulations to the winners and we would like to thank all our loyal clients who participated and contributed to the success of this campaign.
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